Returns today, risk tomorrow. The next shakeout will show who got lending right

Private lending has expanded rapidly over the past decade as banks pulled back from parts of the corporate market. The result has been a surge of capital chasing income, but the speed of that growth is also raising questions about how the sector will perform when the cycle eventually turns. In this episode of the Rules of Investing podcast, Privity Credit Managing Partner Ryan Donnar explains why lending outside the banking system is far from a one-dimensional asset class. He also outlines where crowding is emerging, why structure matters more than yield, and the key questions investors should ask before allocating capital. Please note, this interview was recorded Tuesday, 24 February 2026

You can listen to Returns today, risk tomorrow. The next shakeout will show who got lending right online on Radio and Podcast. Open the player on this page to stream the available audio.

Returns today, risk tomorrow. The next shakeout will show who got lending right is an episode from The Rules of Investing by Livewire Markets.

This episode is 40:02 long.

This episode was published on Mar 11, 2026.

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